Druckenmiller, 61, hasn't quite reached the age for retirement
benefits. The age is 62.

For the past few years, though, Druckenmiller has been incredibly
vocal about this issue, which he has called "generational theft."

Druckenmiller, who accurately called the housing crisis,
has said he sees another "storm" coming because of
entitlement transfer payments. Entitlements include programs such
as Social Security and Medicare that primary go to older, retired
workers.

The billionaire macro fund manager believes that seniors in this
country are essentially stealing from the young via these
transfers.

If Druckenmiller had his way, he would "freeze all the
entitlement payments right now because they've already taken such
a tremendous share away from the rest of our population."

Stan Druckenmiller: That's a rough one. So, if
you could go back to 1965, the senior poverty rate in this
country was 30%, and it's 9% now. I think everybody can applaud
that's a great achievement. The problem is you go back to 1965,
your child poverty rate was 21%, and now it's 25%. So, all the
gains we've made in terms of poverty the last 40 years have
accrued to the elderly. If you look at the average per capita
income in this country, we're spending 56% of every worker's
dollars on the elderly, and we're spending 7% on children.

So, how would I solve it? Well, I couldn't, because if I wanted
to do it, nobody would ever vote me in office. But I would just
say that some solutions are a combination of tax reform dealing
specifically with the problem because the longer it goes on, the
more you're either going to have to raise taxes or cut spending
down the road because of compounding. I would freeze-forget COLAs
[Cost of Living Allowance]. I would freeze all the entitlement
payments right now because they've already taken such a
tremendous share away from the rest of our population.

You know, it's funny, if you go back to as late as 1970,
entitlements were 28% of all federal outlays. Now they're 72%.
And when you start talking about, 'Oh my God, we can't freeze
this stuff.' Why not? You just picked up 50 points of share on
everybody. Why not freeze it? And, you know, Ken and I have
talked. I mean it's ridiculous that our Social Security is not
means tested. It's ridiculous. The fact that he's getting — what
is your monthly check?

Langone: Twenty-five hundred dollars a month.

Druckenmiller: It's ridiculous.

Langone: And Elaine gets another thousand.

Druckenmiller: While we have 24% of the kids in
this country in poverty and probably, you know, the elephant in
this room is obviously the healthcare system. You've got to get
the market into the equation so people see the cost and they have
to make an economic decision. A lot of this goes into end-of-life
payments. You wonder if you had to pay 30 to 40% of the bill
instead of not even knowing what the bill is, whether different
choices would be made.

But you talk about entitlement. The federal debt right now is $17
trillion. The reason it's $17 trillion and not higher is because
all those payments that are promised to Kenny, a lot of the
people in this room, myself not too far in the future, they're
not on the government balance sheet. Any company in America if
you owe payments of that certainty, it would be debt. In the US
government accounting, it's revenue.

If you present valued what we have promised to seniors in
Medicare and Social Security and Medicaid payments, the federal
debt right now under [GAAP] accounting would be $205 trillion,
not 17, because we have a demographic boom, which is the other
side of the baby boom. As everybody knows in this room, it's the
gray boom. We are creating 11,000 new seniors, and we're only
creating about 18% of youth employed to support those payments to
them. So, we've got a big problem, and it really doesn't start
until 2024, 2015, but if you wait 'til 2024, it's too late. It's
not unlike climate change.

It's probably not a problem for 30 years, but if you wait 30
years, you can't fix it. So, you got to start now.